Recent News
On December 2, 2025 Harley-Davidson and partner Hero MotoCorp unveiled the X440T model for the Indian market, announcing an imminent consumer launch and updated features.
On November 4, 2025 the company published its third-quarter 2025 results and discussed the completed HDFS transaction with KKR and PIMCO, noting the strategic cash release and structure of the transaction.
On October 31, 2025 research house Zacks cut its rating on the company, citing refreshed estimates and outlook concerns.
Technical Analysis
ADX at 35.15 indicates a strong underlying directional trend that supports a decisive near-term move rather than trading indecision; that trend strength amplifies signals from the directional indicators and increases the likelihood that recent momentum resolves in one direction.
DI+ shows a dip-and-reversal (increasing) while DI- shows a peak-and-reversal (decreasing); both point toward a bullish directional shift, implying directional pressure currently favors buyers versus sellers and supporting a rebound toward nearby resistance levels.
MACD sits at -0.71 with a dip-and-reversal pattern and sits above its signal line (-0.78); the MACD crossing above its signal line constitutes a bullish momentum confirmation and supports further upside momentum from current price levels.
MRO at -11.94 (negative) indicates the price sits below the model target and therefore carries potential to move upward toward equilibrium; the MRO’s dip-and-reversal behavior reinforces near-term upside pressure on price.
RSI at 42.57 and trending higher shows improving buying momentum without overbought conditions, aligning with the MACD and directional indicators and leaving room for a measured recovery before reaching shorter-term over-extension.
Price sits below the 50-day ($26.29) and 200-day ($25.32) averages while the 12-day EMA shows a dip-and-reversal; this juxtaposition signals a tactical recovery attempt inside a longer-term area of resistance, with the super trend upper band at $24.84 presenting immediate overhead resistance and the Ichimoku cloud components (Senkou A $28.03 / Senkou B $27.36) marking higher structural resistance.
Fundamental Analysis
Profitability stands as the clearest strength: EBIT equals $501,731,000 and the EBIT margin measures 37.42%, above the industry peer high of 28.31%, reflecting outsized operating efficiency versus peer norms. QoQ EBIT margin rose by 2.55% and YoY by 2.06%, supporting the valuation premium implied by strong margins.
Operating margin registers 35.41% with QoQ improvement of 3.12% and YoY improvement of 1.90%, consistent with margin expansion driven by cost control and product mix. Gross margin at 34.77% declined slightly YoY (-8.59%), indicating cost pressures in revenue components even as operating leverage amplified profitability.
Earnings per share came in at $3.10, beating the $1.64 estimate by $1.46 — an EPS surprise of 89.02% — driven by margin gains rather than top-line strength; the company reported its third-quarter results on November 4, 2025.
Top-line metrics show softness: total revenue $1,340,710,000 with revenue growth figures showing a QoQ decline of 2.55% and a YoY decline of 1.09%, indicating demand remains pressured despite margin gains. Inventory and receivables metrics show longer working capital cycles (days sales outstanding 135.44 days; days inventory outstanding 61.73 days), and the cash conversion cycle at 158.80 days exceeds the peer mean range, tightening liquidity dynamics.
Cash flow and capital metrics raise caution: free cash flow equals negative $129,119,000 and free cash flow yield at -3.80% declined QoQ and YoY, while operating cash flow sits negative at -$92,589,000. The company reported completion of a strategic HDFS transaction that released discretionary cash, shifting the financing profile and unlocking cash through structured asset sales and partner capital.
Leverage shows elevated but manageable levels: debt-to-equity at 1.46 and debt-to-EBITDA around 9.55x, above the peer mean but below extreme peer highs; interest coverage remains strong at 49.28x, limiting immediate solvency pressure while the balance sheet still carries sizable net debt of $3,386,783,000 against a market cap of $3,398,359,290.
Valuation context: WMDST values the stock as over-valued. Market multiples display mixed signals — P/E near 8.78 contrasts with forward P/E at 26.84 and price target mean at $25.25 — reflecting divergent near-term earnings recognition and forward estimates. Persistent negative free cash flow and an elevated leverage multiple temper the margin-driven earnings strength, justifying a cautious valuation stance despite profitability outperformance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ -92.59 M | |
| Capital Expenditures | $ -36.53 M | |
| Change In Working Capital | $ 148.0 M | |
| Dividends Paid | $ -21.53 M | |
| Cash Flow Delta | $ 70.2 M | |
| End Period Cash Flow | $ 1.8 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 113.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 874.6 M | |
| Depreciation | $ 44.2 M | |
| Depreciation and Amortization | $ 44.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 866.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 466.1 M | |
| EBITDA | $ 545.9 M | |
| EBIT | $ 501.7 M | |
| Operating Income | $ 474.8 M | |
| Interest Income | — | |
| Interest Expense | $ 10.2 M | |
| Net Interest Income | $ -10.18 M | |
| Income Before Tax | $ 491.5 M | |
| Tax Provision | $ 116.4 M | |
| Tax Rate | 23.7 % | |
| Net Income | $ 377.4 M | |
| Net Income From Continuing Operations | $ 375.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.64 | |
| EPS Actual | $ 3.10 | |
| EPS Difference | $ 1.46 | |
| EPS Surprise | 89.024 % | |
| Forward EPS | $ 1.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.6 B | |
| Intangible Assets | $ 63.9 M | |
| Net Tangible Assets | $ 3.5 B | |
| Total Current Assets | $ 8.2 B | |
| Cash and Short-Term Investments | $ 1.8 B | |
| Cash | $ 1.8 B | |
| Net Receivables | $ 1.5 B | |
| Inventory | $ 512.2 M | |
| Long-Term Investments | $ 238.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 342.8 M | |
| Short-Term Debt | $ 2.0 B | |
| Total Current Liabilities | $ 3.3 B | |
| Net Debt | $ 3.4 B | |
| Total Debt | $ 5.2 B | |
| Total Liabilities | $ 7.0 B | |
| EQUITY | ||
| Total Equity | $ 3.6 B | |
| Retained Earnings | $ 4.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 28.61 | |
| Shares Outstanding | 124.870 M | |
| Revenue Per-Share | $ 10.74 | |
| VALUATION | Market Capitalization | $ 3.4 B |
| Enterprise Value | $ 6.8 B | |
| Enterprise Multiple | 12.524 | |
| Enterprise Multiple QoQ | -73.853 % | |
| Enterprise Multiple YoY | -60.496 % | |
| Enterprise Multiple IPRWA | high: 120.84 median: 45.873 mean: 27.759 HOG: 12.524 low: -145.554 |
|
| EV/R | 5.1 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.958 | |
| Asset To Liability | 1.508 | |
| Debt To Capital | 0.593 | |
| Debt To Assets | 0.493 | |
| Debt To Assets QoQ | -13.954 % | |
| Debt To Assets YoY | 110.152 % | |
| Debt To Assets IPRWA | high: 0.637 HOG: 0.493 mean: 0.142 median: 0.103 low: 0.01 |
|
| Debt To Equity | 1.46 | |
| Debt To Equity QoQ | -29.947 % | |
| Debt To Equity YoY | 63.731 % | |
| Debt To Equity IPRWA | high: 7.532 HOG: 1.46 mean: 0.431 median: 0.172 low: -0.581 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.951 | |
| Price To Book QoQ | -1.903 % | |
| Price To Book YoY | -33.206 % | |
| Price To Book IPRWA | high: 20.986 median: 16.24 mean: 13.745 HOG: 0.951 low: -6.474 |
|
| Price To Earnings (P/E) | 8.779 | |
| Price To Earnings QoQ | -68.191 % | |
| Price To Earnings YoY | -77.594 % | |
| Price To Earnings IPRWA | high: 217.378 mean: 37.793 HOG: 8.779 median: -5.616 low: -140.479 |
|
| PE/G Ratio | 0.035 | |
| Price To Sales (P/S) | 2.535 | |
| Price To Sales QoQ | 3.004 % | |
| Price To Sales YoY | -40.315 % | |
| Price To Sales IPRWA | high: 46.227 median: 46.227 mean: 38.034 HOG: 2.535 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 26.84 | |
| Forward PE/G | 0.106 | |
| Forward P/S | 29.967 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 102.638 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.119 | |
| Asset Turnover Ratio QoQ | 10.804 % | |
| Asset Turnover Ratio YoY | 32.84 % | |
| Asset Turnover Ratio IPRWA | high: 0.522 median: 0.214 mean: 0.205 HOG: 0.119 low: 0.038 |
|
| Receivables Turnover | 0.674 | |
| Receivables Turnover Ratio QoQ | 30.242 % | |
| Receivables Turnover Ratio YoY | 58.153 % | |
| Receivables Turnover Ratio IPRWA | high: 24.217 median: 6.579 mean: 6.256 low: 0.75 HOG: 0.674 |
|
| Inventory Turnover | 1.531 | |
| Inventory Turnover Ratio QoQ | 21.72 % | |
| Inventory Turnover Ratio YoY | 45.018 % | |
| Inventory Turnover Ratio IPRWA | high: 2.738 median: 1.717 mean: 1.714 HOG: 1.531 low: 0.18 |
|
| Days Sales Outstanding (DSO) | 135.441 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 158.8 | |
| Cash Conversion Cycle Days QoQ | -22.399 % | |
| Cash Conversion Cycle Days YoY | -34.959 % | |
| Cash Conversion Cycle Days IPRWA | high: 276.691 HOG: 158.8 mean: 19.097 median: -41.14 low: -151.181 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.27 | |
| CapEx To Revenue | -0.027 | |
| CapEx To Depreciation | -0.826 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.7 B | |
| Net Invested Capital | $ 8.7 B | |
| Invested Capital | $ 8.7 B | |
| Net Tangible Assets | $ 3.5 B | |
| Net Working Capital | $ 5.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.541 | |
| Current Ratio | 2.515 | |
| Current Ratio QoQ | 84.181 % | |
| Current Ratio YoY | 78.019 % | |
| Current Ratio IPRWA | high: 2.708 HOG: 2.515 mean: 1.937 median: 1.923 low: 0.038 |
|
| Quick Ratio | 2.358 | |
| Quick Ratio QoQ | 96.834 % | |
| Quick Ratio YoY | 88.817 % | |
| Quick Ratio IPRWA | high: 3.115 HOG: 2.358 median: 1.671 mean: 1.571 low: 0.288 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.551 | |
| Cost Of Debt | 0.128 % | |
| Interest Coverage Ratio | 49.276 | |
| Interest Coverage Ratio QoQ | 175.078 % | |
| Interest Coverage Ratio YoY | 170.005 % | |
| Interest Coverage Ratio IPRWA | high: 61.154 HOG: 49.276 median: 26.776 mean: 23.107 low: -55.727 |
|
| Operating Cash Flow Ratio | 0.44 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 38.374 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 17.526 | |
| Dividend Payout Ratio | 0.057 | |
| Dividend Rate | $ 0.17 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -12.315 % | |
| Revenue Growth | 2.571 % | |
| Revenue Growth QoQ | -254.6 % | |
| Revenue Growth YoY | -108.89 % | |
| Revenue Growth IPRWA | high: 34.898 % median: 24.889 % mean: 19.587 % HOG: 2.571 % low: -28.667 % |
|
| Earnings Growth | 252.273 % | |
| Earnings Growth QoQ | -1520.696 % | |
| Earnings Growth YoY | -671.115 % | |
| Earnings Growth IPRWA | HOG: 252.273 % high: 95.745 % median: 25.0 % mean: 14.375 % low: -160.194 % |
|
| MARGINS | ||
| Gross Margin | 34.768 % | |
| Gross Margin QoQ | -1.788 % | |
| Gross Margin YoY | -8.587 % | |
| Gross Margin IPRWA | high: 50.051 % HOG: 34.768 % mean: 19.237 % median: 17.989 % low: -1.319 % |
|
| EBIT Margin | 37.423 % | |
| EBIT Margin QoQ | 254.821 % | |
| EBIT Margin YoY | 206.169 % | |
| EBIT Margin IPRWA | HOG: 37.423 % high: 28.305 % median: 6.591 % mean: 6.006 % low: -137.428 % |
|
| Return On Sales (ROS) | 35.411 % | |
| Return On Sales QoQ | 311.66 % | |
| Return On Sales YoY | 189.708 % | |
| Return On Sales IPRWA | HOG: 35.411 % high: 28.269 % median: 5.475 % mean: 5.396 % low: -150.403 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -129.12 M | |
| Free Cash Flow Yield | -3.799 % | |
| Free Cash Flow Yield QoQ | -136.766 % | |
| Free Cash Flow Yield YoY | -161.792 % | |
| Free Cash Flow Yield IPRWA | high: 11.454 % median: 0.307 % mean: 0.06 % HOG: -3.799 % low: -16.591 % |
|
| Free Cash Growth | -138.848 % | |
| Free Cash Growth QoQ | -170.151 % | |
| Free Cash Growth YoY | 355.478 % | |
| Free Cash Growth IPRWA | high: 143.579 % median: 24.781 % mean: -21.619 % HOG: -138.848 % low: -201.069 % |
|
| Free Cash To Net Income | -0.342 | |
| Cash Flow Margin | 107.581 % | |
| Cash Flow To Earnings | 3.822 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 3.337 % | |
| Return On Assets QoQ | 278.774 % | |
| Return On Assets YoY | 261.538 % | |
| Return On Assets IPRWA | high: 3.986 % HOG: 3.337 % median: 1.047 % mean: 0.799 % low: -22.607 % |
|
| Return On Capital Employed (ROCE) | 6.884 % | |
| Return On Equity (ROE) | 0.106 | |
| Return On Equity QoQ | 225.717 % | |
| Return On Equity YoY | 204.497 % | |
| Return On Equity IPRWA | high: 0.488 HOG: 0.106 median: 0.017 mean: 0.016 low: -0.543 |
|
| DuPont ROE | 10.955 % | |
| Return On Invested Capital (ROIC) | 4.383 % | |
| Return On Invested Capital QoQ | 298.093 % | |
| Return On Invested Capital YoY | -70.875 % | |
| Return On Invested Capital IPRWA | high: 20.18 % HOG: 4.383 % median: 1.653 % mean: 1.421 % low: -24.047 % |
|